Attune’s platform for commercial insurance will help position the combined companies to capture what Coalition described as a $100bn market opportunity in the P&C market.
The announcement comes after Inside P&C first reported last month that Attune's owners had appointed Evercore to lead a strategic review into the business, which evaluated the potential for a new ownership structure for the firm.
Evercore had been tapping strategic buyers, venture capital investors and private equity firms in a bid to secure a "tech valuation" for the business.
Up until Coalition’s acquisition, Attune had been owned by AIG, Hamilton and the hedge fund Two Sigma, with each party holding equal shares.
The buyout means the combined companies will now have more than $500mn in gross written premium and over 130,000 policyholders.
Coalition’s proactive risk management platform, Coalition Control, will also be made available to all Attune policyholders.
The announcement comes a week after Coalition announced a $205mn funding round led by Durable Capital, T Rowe Price and Whale Rock Capital.
That deal brought the San Francisco-based company, which already had backing from Swiss Re, Arch Insurance and Argo Group, to more than $500mn in funding and a $3.5bn valuation.
Joshua Motta, CEO and co-founder of Coalition, said: “We are thrilled to join forces with Attune to carry out our shared mission of providing security for all.
“Together, our companies will define the future of insurance by applying data and technology expertise to mitigate current and emerging risk, expand our insurance offerings to keep more businesses safe, and build a better experience for insurance brokers and their clients.”
James Hobson, CEO of Attune, said: “I am excited for our teams to work with one another to offer more digitally-powered insurance products to more brokers and help organizations mitigate risk.”
Terms of the deal were not disclosed.
